A prenuptial agreement is a legal tool that allows couples to outline the division of property, financial responsibilities, and other essential matters before marriage. While these agreements can provide long-term clarity and protection, life circumstances can change, making it necessary to revisit the agreements and modify the original terms.
The law allows people to enter into prenuptial agreements and modify them. However, modifications must meet statutory requirements to be valid. A Frisco prenuptial agreement modification lawyer can help you understand your rights, negotiate a new agreement, and draft one that complies with state law. Call Towson Law Firm, PLLC, today to speak with an experienced prenup agreement attorney.
A prenup is a legally binding contract defining how property, debts, and other financial matters will be handled during marriage or in the event of divorce or death. Parties enter into them before marriage, but they take effect upon marriage.
Texas Family Code § 4.003 defines what a prenuptial agreement can address, such as:
One of the first things a Frisco lawyer who handles prenuptial agreements will address is whether the initial document is valid. Many couples try to inject personal clauses into the prenup, but these agreements should focus on finances. A court can choose to ignore clauses that are unenforceable but could also throw out a prenup as unconscionable or unfair if it has some of these clauses.
When modifying a prenup, the new agreement must follow the guidelines outlined in Texas Family Code § 4.005. The agreements must be in writing, and both parties must execute them voluntarily, disclose all assets and liabilities fully, and sign them. Although fairness is not a statutory requirement, courts can—and will—refuse to enforce unfair agreements.
Any change in circumstances can prompt spouses to want to modify a prenup agreement. These changes can be financial, personal, or to the whole family. While these may be the most common reasons Frisco lawyers hear when people want to modify prenups, they are certainly not the only ones.
Significant financial changes for one or both spouses can lead to a need to modify a prenup. Some of those changes can include starting a successful business or receiving an inheritance. The changes can also be negative. Financial hardships or anticipated hardships, like potential medical debt, could also prompt a change.
When a couple has children, they may want to revisit their prenup. One of the parents may become a primary caregiver, which may require a different distribution of community assets for fairness. Prenups cannot determine child custody or child support, but they can address the financial planning needs of children.
Relocating to a new state should prompt couples to review their prenups. While most states will recognize prenups from other states, they may not recognize those from other countries. It is a good idea to have a marital agreements attorney review any out-of-state documents to ensure that they will be enforceable in Texas.
It is not unusual for prenups to be unfair to one of the partners, especially if there is a significant disparity in resources prior to the marriage. Revisiting the prenup allows couples to address those disparities and arrange for a more equitable property distribution upon divorce or death. Changes in estate planning goals or the desire to align the prenuptial agreement with updated wills or trusts can make modifications necessary.
Modifying a prenup is not a complex legal process, but it can be challenging for spouses to tackle it alone. Disagreements between spouses, complex financial matters, and the potential for future legal disputes are just some of the reasons that parties should seek legal help with the process.
Schedule a consultation with a Frisco prenuptial agreement modification lawyer to find out more. Our seasoned family law attorneys are here to help.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.